PUBLISHER: The Business Research Company | PRODUCT CODE: 1245920
PUBLISHER: The Business Research Company | PRODUCT CODE: 1245920
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“Sonar Systems Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sonar systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sonar systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The sonar systems market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the sonar systems market are: Ultra Electronics, Thales Group, NAVICO, L3Harris Technologies Inc., ATLAS ELEKTRONIK, Kongsberg Gruppen, Lockheed Martin, Teledyne Technologies Incorporated, Sonardyne, Aselsan, FURUNO ELECTRIC CO. Ltd., Japan Radio Co., DSIT Solutions Ltd., Northrop Grumman., and General Dynamics Mission Systems Inc.
The global sonar systems market grew from $3.59 billion in 2022 to $3.84 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sonar systems market is expected to grow to $5.01 billion in 2027 at a CAGR of 6.9%.
The sonar systems market consists of sales of active and passive sonar systems. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The sonar systems refer to systems based on the SONAR (Sound Navigation and Ranging) technology. Sonar is a technique in which sound waves are propagated at a certain frequency for mapping distances and objects, especially in marine navigation, since sound waves can travel a longer distance in the water than radar and light waves. Sound waves emitted or reflected by an object are detected by sonar apparatus and analyzed by software to develop nautical charts, locate underwater hazards, map objects on the seafloor such as shipwrecks, and map the seafloor itself.
North America was the largest region in the sonar systems market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sonar systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The sonar systems market is segmented by product into hull-mounted sonar, stern-mounted sonar, dipping sonar, and sonobuoy. Hull-mounted sonar refers to sound navigation and ranging systems used in naval platforms as sensors to detect submarines, underwater objects, unmanned underwater vehicles, seafloors, and others to create navigation charts to enhance naval security. By Installation, the market is segmented into fixed, and deployable. The market is segmented by acoustic frequency into ultrasonic and infrasonic. The major applications of sonar systems are anti-submarine warfare, port security, mine detection and countermeasure systems, search and rescue, navigation, diver detection, seabed terrain investigation, and scientific applications.
The rising number of terrorist attacks is significantly contributing to the growth of the sonar systems market. Terrorism is defined as violence in an asymmetrical conflict that is designed to induce terror and psychic fear. Sonar systems can be used to find and tackle terror plans such as bombing, underground bomb fixing, unknown submarines in oceans, and others. For instance, according to the Centre for Strategic and International Studies, in the United States, the number of terrorist attacks has increased from 1.5% to 6.4% between 2019 and 2020, which raises the security issue in a country. Therefore, the rising number of terrorist attacks is driving the market for sonar systems.
Technological advancement in sonar systems is a key trend in the sonar systems market. Companies are increasingly innovating to produce technologically advanced sonar systems for the military and warfare. For instance, in 2021, Thales Group, a France-based multinational company for aerospace and defense security, received the contract to develop, test, and manufacture the SonoFlash air-droppable sonobuoy from the French Defence Procurement Agency (DGA) to strengthen its anti-submarine warfare systems in the French Naval force. This advanced technology provides a complex sonar system, which can be used in open-ocean environments. In addition, SonoFlash offers long endurance and is suitable for a wide array of deployment scenarios.
In December 2020, Cohort plc, an England-based defense service provider company, acquired Wartsila ELAC Nautik GmbH for a deal amount of €11.25 million. Through this acquisition, Cohort plc. aims to enhance its maritime defense systems used on ships and submarine sonars. Wartsila ELAC Nautik GmbH is a Germany-based sonar system manufacturer.
The countries covered in the sonar systems market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sonar systems research report is one of a series of new reports from The Business Research Company that provides sonar systems statistics, including global market size, regional shares, competitors with sonar systems share, detailed sonar systems segments, market trends and opportunities, and any further data you may need to thrive in the sonar systems industry. This sonar systems research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.